TITLE

Court: Tribes Yet to Prove Immunity from N.Y. Usury Cap

AUTHOR(S)
Adler, Joe
PUB. DATE
October 2014
SOURCE
American Banker;10/3/2014, Vol. 179 Issue F338, p1
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article discusses the decision of the 2nd U.S. Circuit Court of Appeals in New York state that the Otoe-Missouria Tribe of Indians and the Lac Vieux Desert Band of Lake Superior Chippewa Indians are not protected against out-of-state payday loan regulation and the state’s usury limits by their sovereignty. This decision upholds New York Financial Services Superintendent Benjamin Lawsky’s order to the tribes to stop making loans to New York consumers.
ACCESSION #
98662648

 

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